Overfunding: Twickets Secures £700,000 Funding Target on Seedrs

Twickets, a London-based ticket resale platform, has successfully secured its initial £700,000 funding target on Seedrs. The company launched the equity crowdfunding campaign last month to gather more funds to grow and develop its platform.

As previously reported, the platform has achieved more than£2.7 million in ticket sales and 240,000 mobile app downloads since its launch. Twickets has been named the exclusive resale platform for various musicians, which includes Adele, Mumford & Sons, and One Direction. The website also attracted investors such as the founder of Ignition Management (Noel Gallagher, Catfish & The Bottlemen), Modest! (One Direction, Olly Murs), the founder of Wildlife (Arctic Monkeys, Royal Blood), Chris Wright (Chrysalis plc co-founder), Steve Parish (Chairman / co-owner Crystal Palace FC), Tony Wadsworth (ex EMI Chairman).

The Twickets team revealed they already had experienced a strong support from the entertainment industry because artists are prioritizing fans and have seen high ticket prices, which will not only reduce fan attendance but also merchandise spending. Twickets is currently free to sellers for most events but does charge a small fee for a growing number of partner events. The company explained it is also planning to launch a premium service, which offers sellers “promoted tickets” and a “waiting list” service. It will also be offering primary tickets as last minute allocations.

The team also revealed:

“Twickets has quickly established itself as what we believe is the only solution able to satisfy the needs of fans and event organisers, and seeks investment to accelerate growth in the UK and internationally.”

Besides growth and development, funds from the campaign will be used for creating a marketing strategy. Twickets did explain it is also dedicated funds to help expand outside the UK, with planning for mainland Europe before the end of the year and a U.S. launch in 2017.

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